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The purpose of this study is to organize and assess knowledge on the capabilities pertinent to the early internationalization of born globals (BGs) and international new ventures (INVs).

A systematic approach is used to search, code, organize and synthesize 155 peer-reviewed journal articles on capabilities and early internationalization.

The study delimits eight operational and five dynamic capabilities. The synthesis links capabilities to three antecedents (i.e. firm specific factors, managerial socio cognitive attributes and market factors) and three outcomes (i.e. precocity, survival and performance). While 7 of the 12 linkages identified are well-established, relationships involving market factors, survival and dynamic capabilities are sparsely researched.

The authors know more about the effects of firm specific factors and managerial socio cognitive attributes on operational and dynamic capabilities than we do the influence of market factors on either group of capabilities. Likewise, the authors know more about the influence of operational and dynamic capabilities on performance than we do their impact on precocity or survival.

As the pandemic has shown, businesses with adaptable capabilities (e.g. shifting from a brick and mortar to an online/omnichannel approach or micro-breweries competent to switch from manufacturing beer to hand sanitizer) have increased their chance of survival while helping society cope.

This to the authors’ knowledge is the first study to provide a comprehensive review of literature on the nebulous concept of capabilities, in the context of the burgeoning research stream on early internationalization.

The purpose of this paper is to investigate the linkages among real estate investment trusts (REITs), the stock market, and real economic activity for the USA for the 1971‐2007 period. In view of the fact that when the economy performs well the equity and REIT markets also do well, it is easy to see why one needs to examine the dynamic interactions among these magnitudes and understand the implications of market movements or policy changes on the returns of REIT.

The empirical investigation is conducted via the vector autoregressive (VAR) methodology coupled with Granger causality and cointegration analyses. VAR analysis permits inferences to be drawn about how a particular variable, say, the stock market, helps to explain a REIT's return and to see how a shock from the same variable affects that return. In other words, the magnitudes which are more relevant in explaining the REIT return can be deduced so as to determine the driving forces behind the return. Finally, some robustness tests are performed and some other relative magnitudes are experimented with so as to have a more comprehensive picture of the dynamic interactions among the three variables.

First, the equity and the mortgage REIT categories display essentially similar patterns with their interactions with the general stock market and/or industrial production movements. Specifically, in the case of the equity REIT, it is revealed that a reciprocal linkage between the two exists, whereas for the mortgage REIT a uni‐directional one run from the REIT to the stock market. Second, when substituting the general stock market returns with two sub index returns (the small‐ and the mid‐cap excess returns) it is found that the two REIT categories are more closely related to a sub index than the general stock market index. Overall, significant short‐run interactions are seen among the three magnitudes since the 1970s.

The results are important for investors and policymakers. For investors, the finding of the close relationship between the equity and mortgage REIT categories and the general stock market is that there may not be a profitable reallocation of portfolios within these two asset classes. For policymakers, it can be suggested that they take notice of how changes in monetary policy (via changes in interest rates or money supply) influence REIT investments and what the impact of that would be on the reallocation of such investments by professional investors and managers.

This study examines the impact of regional economic integration (REI) on stock market linkages in the BRICS (Brazil, Russia, India, China and South Africa) economic bloc. In this type of study, the BRICS framework is an appealing empirical case, given its uncommon characteristics. For example, BRICS member states come from remote geographic locations (Africa, Asia, Europe and South America) and have contrasting socioeconomic profiles.

An empirical design is framed from the perspective of bilateral trade between South Africa and BRIC. The author accepts trade intensity as a proxy of regional economic integration and then examines the resulting effect on the stock market co-movement within BRIC. The study applies a two-step econometric procedure of the BEKK-MGARCH and panel data models.

Overall, bilateral trade, as a proxy of economic inwctegration, is associated with an increase in stock market integration. This positive relationship is particularly observed during episodes of surplus trade, and more interestingly, was initiated three years after BRICS’ existence and continues to grow at an increasing rate.

The study outcome should benefit international trade practitioners and global investors interested in portfolio diversification or concerned with risk spillovers.

First, notwithstanding South Africa's significant economic presence in the African continent, to the best of the author’s knowledge, this is the first study to empirically evaluate the BRICS economic integration on their stock market linkages from the perspective of South Africa. The value of this contribution is that further work may investigate the bidirectional spillover impact conveyed by South Africa's trade interactions within the juxtaposition of Africa and BRICS economies. Second, given that research on REI and stock market integration has historically concentrated on mature regional blocs of Europe, Asia, South and North America, the current study advances knowledge while correcting the prevailing literature imbalance.

Entrainment is a theory of causality wherein different but proximate actants are tied to one another in complementary rhythms. Entrainment proposes a naturalism of interrelatedness. Manuel DeLanda has explored the logic of social entrainment. Opposing assumptions are found in Actor Network Theory. ANT merges the sociology of knowledge and an analysis of power into a theory of pragmatic causality. Social causality is in ANT (micro‐) politically constructed. The goal of this paper is to examine entrainment as a generative theory of social construction wherein linkages of ideas, persons, actions, events and objects, unlike in ANT's translation are not saturated by (principles of) social power. Illustrations of how entrainment and ANT hold up in practice are provided.

This paper seeks to contribute to the RBV by focusing on a central construct, the “Keystone step”, within the firms' capability management field. It aims at providing a conceptual framework for top managers to understand the main related issues and steps, and to position their own organizational perspective.

The study explores the associated conceptual and empirical literature, borrowing from a strategic and a cognitive perspective, and defines and characterizes the central construct.

The author identifies a three‐step managerial process to handle capabilities: the Analytical step, the Action step, and the Keystone step. After briefly reviewing the resource‐based view, he suggests definitions and critical dimensions to design a conceptual frame articulated around the Keystone step, within which top managers can position and build their own approach. The critical founding rationale of capability management, rooted in underlying assumptions and beliefs, often implicit, hidden or neglected, increases the odds of blind managerial conceptual foundations. The author's claim focuses on the criticality of the Keystone step and the necessity of introspection to achieve sound strategic and capabilities‐related decisions.

Managers must recognize the importance of the Keystone step, devote resources to understand their own organizational “RBV position”, and acknowledge the mental flexibility to do so. The RBV should shift from an epistemology of “possession” to an epistemology of “embodiment”.

The paper offers an original vision of the capabilities management within the RBV, details out the issues of the current conceptual foundation of that managerial activity, and offers propositions for the Keystone step construct.

Summarizes the net capital flows from industrial to developing/transitional countries 1970‐1996 and recent changes in their equity and bond markets; and identifies the factors affecting these portfolio flows and risk/return behaviour in OIC stock markets. Uses monthly stock return data from ten OIC countries to demonstrate that despite their volatility they might offer opportunities for portfolio diversification; and uses cointegration methods to investigate the dynamic relationships between them. Discusses the causes of the Asian currency crisis and its impact on these stock marekts; and considers what trade and development policies OIC countries should adopt to improve their economies.

Discusses strategies for implementing modern knowledge management curricula in academic programs for adult professionals. References the perspectives of multidisciplinary curricula covering information and society; multimedia and hypermedia; electronic information design and presentation; and infrastructure development and implementation. The analysis assumes the increasing involvement of highly trained professionals in adult education programs; the continuing growth of corporate universities in scope and breadth; the integration of corporate programs with traditional colleges and universities; and the increasing use of the Internet as a mechanism to coordinate, supplement, support, and integrate learning experiences. Advances historical and pedagogical methodologies as a means to provide perspective and structure for program development and future research. References an information technology (IT) program for mid‐career information managers in Northern California and serving the high‐technology area known as Silicon Valley.

The purpose of this paper is to analyze the role of four different incentives in improving hedging effectiveness and propose an alternative regulatory mechanism for China’s futures market.

The research method that this study uses is a laboratory experiment, and this study follows the basic norms of experimental research. In addition, this paper designs and conducts a game experiment between hedgers and futures brokerage firms (FBFs) under different incentive mechanisms.

By analyzing the experimental data, it is found that compared with other incentive mechanisms, hedgers’ willingness to hedge and FBFs’ regulatory intention are both significantly higher for the dynamic linkage updating mechanism, indicating that hedgers have a stronger willingness to follow their hedging plan, and FBFs are more responsible for their regulatory behaviors. Additionally, the dynamic linkage updating mechanism has a long-term impact on effective hedging in the futures market.

The findings suggest that the dynamic linkage updating mechanism is beneficial for effectively restricting both hedgers’ over-speculation and FBFs’ regulatory slack and improving the hedging efficiency of the futures market.

To solve the problem of inefficient hedging in China’s futures market, i.e., hedgers’ over-speculation and FBFs’ passive collusion with hedgers, the regulators of China’s futures market should reform the existing incentives and adopt a dynamic linkage updating mechanism to encourage all the participants to actively improve hedging effectiveness.

This paper analyzes and verifies, for the first time, the role of the dynamic linkage updating mechanism in the investing behaviors of hedgers and the regulatory behaviors of future brokerage firms. The futures market experiment that was designed and used in this study is a pioneering and exploratory experiment that applies game theory and mechanism design theory to the field of behavioral finance.

This study proposes targeted modernization of the Department of Defense (DoD's) Joint Forces Ammunition Logistics information system by implementing the optimized innovative information technology open architecture design and integrating Radio Frequency Identification Device data technologies and real-time optimization and control mechanisms as the critical technology components of the solution. The innovative information technology, which pursues the focused logistics, will be deployed in 36 months at the estimated cost of $568 million in constant dollars. We estimate that the Systems, Applications, Products (SAP)-based enterprise integration solution that the Army currently pursues will cost another $1.5 billion through the year 2014; however, it is unlikely to deliver the intended technical capabilities.

The authors aim to report empirical linkages between the US and Brazil, Russia, India and China (BRIC) financial stress indices catalyzing catalyzing dependent economic policy initiatives (an extended version of Singh and Singh, 2017a).

Initially, the study develops financial stress indices for the respective BRIC financial markets. Later, it captures linkages among the said US-BRIC indices by using Johansen cointegration, vector autoregression/vector error correction models (VECM), generalized impulse response functions, Toda–Yamamoto Granger causality, variance decomposition analyses and bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model under constant conditional correlation framework, in general. Markov regime switching and efficient causality tests proposed by Hill (2007) are also used.

Overall, there are both short-run and long-run dynamic interactions observed between the US and Indian financial stress indices. For rest of the markets, only short-run interactions are found to be in existence. The time-varying co-movement coefficients report financial contagion impact of the US financial crisis on Russian and Indian financial systems only. Contrary to this, Brazilian and Chinese financial systems are largely exhibiting interdependence with the US financial system. Efficient causality tests report indirect impact of the Russian financial system on Brazilian via auxiliary Indian financial system.

The present study is the first of its kind capturing linkages among the US-BRIC financial stress indices by using diverse econometric models. The results support different market participants and policymakers in understanding effectiveness and implementation of economic policies while considering their cross-market interactions as well.